Media releases are provided as is by companies and have not been edited or checked for accuracy. Any queries should be directed to the company itself.

Open Text Reports Fourth Quarter and Fiscal Year-End 2008 Financial Results

Open Text™ Corporation today announced unaudited financial results for its fourth quarter and fiscal year ended June 30, 2008.
  • 20 August, 2008 10:58

<p>Waterloo, Canada – 19 August 2008 - Open Text™ Corporation (NASDAQ:OTEX) (TSX:OTC), a leading provider of Enterprise Content Management (ECM) software, today announced unaudited financial results for its fourth quarter and fiscal year ended June 30, 2008.</p>
<p>Total revenue for the fourth quarter was US$200.3 million, up 14% compared to $175.2 million for the same period in the prior fiscal year. License revenue in the fourth quarter was US$68.2 million, up 15% compared to US$59.2 million in the fourth quarter of the prior fiscal year.</p>
<p>Adjusted net income in the quarter was US$33.3 million or US$0.63 per share on a diluted basis, up 25% compared to US$26.7 million or US$0.52 per share on a diluted basis for the same period in the prior fiscal year. Net income in accordance with U.S. generally accepted accounting principles ("US GAAP") was US$27.3 million or US$0.51 per share on a diluted basis, compared to US$8.2 million or US$0.16 per share on a diluted basis for the same period in the prior fiscal year.</p>
<p>Total revenue for fiscal year 2008 was US$725.5 million, up 22% compared to US$595.7 million for the previous fiscal year. License revenue for fiscal year 2008 was US$219.1 million, up 20% compared to US$182.5 million in the previous fiscal year.</p>
<p>Adjusted net income for fiscal year 2008 was US$107.0 million, or US$2.03 per share on a diluted basis, up 44% compared to adjusted net income for the previous fiscal year of US$74.3 million, or US$1.46 per share on a diluted basis. Net income for fiscal year 2008 in accordance with US GAAP was US$53.0 million, or US$1.01 per share on a diluted basis, compared to the prior fiscal year's net income of US$21.7 million, or US$0.43 per share on a diluted basis.</p>
<p>Operating cash flow in the fourth quarter of fiscal 2008 was US$44.6 million, compared to US$28.5 million in the fourth quarter of the prior fiscal year. For the full 2008 fiscal year, Open Text generated US$166.0 million in operating cash flow compared to US$110.9 million in fiscal 2007.</p>
<p>The cash, cash equivalents and short-term investments balance as of June 30, 2008 was US$254.9 million. Accounts receivable as of June 30, 2008, totalled US$134.4 million, compared to US$128.8 million as of June 30, 2007, and Days Sales Outstanding (DSO) was 60 days in the fourth quarter of fiscal 2008, compared to 66 days in the fourth quarter of fiscal 2007.</p>
<p>"I am very pleased with our performance in the quarter and for the full fiscal year," said John Shackleton, President and Chief Executive Officer of Open Text. "We have achieved our goal of strong license growth, record profitability and exemplary cash flow accumulation. As we enter into fiscal 2009, we remain confident in our momentum and look forward to continued growth in the coming year."</p>
<p>About Open Text</p>
<p>Open Text™ is the world's largest independent provider of Enterprise Content Management software. The company's solutions manage information for all types of business, compliance and industry requirements in large companies, government agencies and professional service firms. Open Text supports approximately 46,000 customers in 114 countries and 12 languages. For more information about Open Text, visit www.opentext.com.</p>

Most Popular

Market Place